Sunday 11 October 2026
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Toll Brothers Inc.
TOL Consumer Cyclical Residential Construction
Toll Brothers Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 1.11% from fiscal 2024. In the quarter to July 2026, revenue fell 9.72%, EPS fell 20.7%, free cash flow fell 36.3% and total debt fell 6.02%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
133.13
1.70
−1.26%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to October
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 23.75 | 30.45 | 28.68 | 32.30 | 13.28 | 41.22 | 39.53 | 49.87 | 95.46 | 86.67 |
Analyst estimates 2026–2028 Powerpack |
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| High | 33.48 | 51.08 | 52.73 | 41.70 | 50.42 | 75.61 | 72.75 | 105.91 | 169.52 | 149.79 | |||||
| People | |||||||||||||||
| People | Employees | 4,200 | 4,500 | 4,900 | 5,100 | 4,500 | 5,100 | 5,200 | 4,800 | 4,900 | 4,900 | ||||
| Revenue/emp, $m | 1.23 | 1.29 | 1.46 | 1.42 | 1.57 | 1.72 | 1.98 | 2.08 | 2.21 | 2.24 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 5,170 | 5,815 | 7,143 | 7,224 | 7,078 | 8,790 | 10,276 | 9,995 | 10,847 | 10,967 | ||||
| Gross margin, % | 19.84 | 21.54 | 22.49 | 21.60 | 20.03 | 22.10 | 24.20 | 26.36 | 27.87 | 25.11 | |||||
| EBT | 589 | 814 | 934 | 787 | 587 | 1,100 | 1,704 | 1,842 | 2,086 | 1,791 | |||||
| EBT margin, % | 11.39 | 14.00 | 13.07 | 10.90 | 8.29 | 12.52 | 16.58 | 18.43 | 19.23 | 16.33 | |||||
| Net income | 382 | 535 | 748 | 590 | 447 | 834 | 1,287 | 1,372 | 1,571 | 1,346 | |||||
| Depreciation | 23 | 25 | 25 | 72 | 69 | 76 | 77 | 76 | 81 | 82 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 30.72 | 35.85 | 47.00 | 49.82 | 54.40 | 70.83 | 88.00 | 90.85 | 104.64 | 110.80 | ||||
| Earnings | 2.27 | 3.30 | 4.92 | 4.07 | 3.43 | 6.72 | 11.02 | 12.47 | 15.16 | 13.60 | |||||
| Cash flow | 0.90 | 5.31 | 3.87 | 3.02 | 7.75 | 10.50 | 8.45 | 11.51 | 9.75 | 11.24 | |||||
| Capex | (0.17) | (0.18) | (0.19) | (0.05) | (0.72) | 0.11 | (0.37) | (0.43) | (0.70) | (0.87) | |||||
| Free cash flow | 0.73 | 5.13 | 3.68 | 2.97 | 7.03 | 10.61 | 8.08 | 11.08 | 9.05 | 10.37 | |||||
| Book value | 25.17 | 27.97 | 31.38 | 35.30 | 37.88 | 43.03 | 51.57 | 61.93 | 74.16 | 83.72 | |||||
| Shares, m | 168 | 162 | 152 | 145 | 130 | 124 | 117 | 110 | 104 | 99 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 11.98 | 13.95 | 6.79 | 9.75 | 12.57 | 9.04 | 3.86 | 5.65 | 9.64 | 9.87 | ||||
| P/S | 0.89 | 1.28 | 0.72 | 0.80 | 0.80 | 0.86 | 0.49 | 0.78 | 1.40 | 1.22 | |||||
| P/B | 1.09 | 1.65 | 1.07 | 1.13 | 1.15 | 1.42 | 0.84 | 1.14 | 1.97 | 1.61 | |||||
| EV/Sales | 1.49 | 1.72 | 1.07 | 1.16 | 1.17 | 1.08 | 0.68 | 0.93 | 1.54 | 1.36 | |||||
| EV/FCF | 63.10 | 11.98 | 13.63 | 19.52 | 9.05 | 7.22 | 7.43 | 7.66 | 17.82 | 14.51 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 151 | 862 | 588 | 438 | 1,008 | 1,303 | 987 | 1,266 | 1,010 | 1,112 | ||||
| Capex | (28) | (29) | (28) | (7) | (94) | 14 | (43) | (47) | (73) | (86) | |||||
| Free cash flow | 122 | 833 | 560 | 430 | 914 | 1,317 | 943 | 1,220 | 938 | 1,026 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 7,185 | 7,247 | 7,965 | 8,493 | 8,289 | 8,294 | 8,570 | 8,736 | 9,247 | 9,637 | ||||
| Total debt | 3,775 | 3,220 | 3,698 | 3,921 | 3,958 | 3,563 | 3,329 | 2,860 | 2,833 | 2,788 | |||||
| Net debt | 3,110 | 2,507 | 2,516 | 2,635 | 2,587 | 1,925 | 1,983 | 1,560 | 1,530 | 1,529 | |||||
| Shareholders’ equity | 4,235 | 4,537 | 4,769 | 5,119 | 4,927 | 5,340 | 6,022 | 6,813 | 7,687 | 8,286 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 4.03 | 5.58 | 7.60 | 5.60 | 4.08 | 7.38 | 10.80 | 11.06 | 12.14 | 9.66 | ||||
| ROIC | 4.19 | 5.74 | 6.75 | 5.49 | 4.58 | 8.78 | 11.78 | 12.87 | 13.84 | 10.96 | |||||
| ROE | 9.03 | 12.21 | 16.08 | 11.93 | 8.89 | 16.24 | 22.65 | 21.38 | 21.67 | 16.86 | |||||
Negative figures in brackets.
Fiscal years to Oct 2025 · latest quarter Jul 2026
Charts ten years each
Toll Brothers Inc. vs peers in Residential Construction (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| LEN.B Lennar Corporation | $38.8B | 14.4× | — | −8.67% (below 0%: shrinking) | −48.03% (below 0%: shrinking) | +50.14% (above 0%: growing) | 7.69% | 5.97% | Compare |
| DHI D.R. Horton, Inc. | $38.0B | 12.8× | 13.8× | +0.02% (above 0%: growing) | −4.75% (below 0%: shrinking) | −44.12% (below 0%: shrinking) | 23.26% | 12.52% | Compare |
| PHM PulteGroup, Inc. | $21.3B | 11.4× | 11.8× | −9.56% (below 0%: shrinking) | −18.36% (below 0%: shrinking) | −105.08% (below 0%: shrinking) | 25.04% | 15.53% | Compare |
| LEN Lennar Corporation | $18.5B | 14.5× | 14.8× | −8.67% (below 0%: shrinking) | −48.03% (below 0%: shrinking) | +50.14% (above 0%: growing) | 7.69% | 5.97% | Compare |
| NVR NVR, Inc. | $16.0B | 14.5× | 17.0× | −10.48% (below 0%: shrinking) | −23.46% (below 0%: shrinking) | −682.68% (below 0%: shrinking) | 20.85% | 14.17% | Compare |
| TOL Toll Brothers Inc. | $12.4B | 10.6× | 10.8× | −9.72% (below 0%: shrinking) | −20.74% (below 0%: shrinking) | −36.31% (below 0%: shrinking) | 23.52% | 13.51% | |
| IBP Installed Building Products, Inc. | $5.0B | 19.8× | 23.8× | +2.30% (above 0%: growing) | −3.56% (below 0%: shrinking) | −30.95% (below 0%: shrinking) | 33.29% | 12.16% | Compare |
| SKY Champion Homes, Inc. | $4.4B | 23.3× | 22.0× | +1.27% (above 0%: growing) | −21.24% (below 0%: shrinking) | −4.47% (below 0%: shrinking) | 25.24% | 8.49% | Compare |
| CVCO Cavco Industries, Inc. | $4.2B | 22.9× | 22.8× | +9.54% (above 0%: growing) | −15.56% (below 0%: shrinking) | +5.65% (above 0%: growing) | 22.07% | 8.65% | Compare |
| Median of peers | $17.2B | 14.5× | 17.0× | −4.32% | −19.80% | −17.71% | 22.67% | 10.41% |
Toll Brothers Inc. (TOL) key facts
- Concern: Net income was $1.3 billion, or $13.60 per share (basic), a net margin of 12.3%.
- Strength: Toll Brothers Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 1.11% from fiscal 2024.
- Toll Brothers Inc. (TOL) is a Residential Construction company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
- As of October 9, 2026, TOL traded at $133.13, a market capitalization of $12.4 billion.
- At that price the stock trades at 10.6× trailing-twelve-month earnings and 1.2× sales; its P/E is higher than 60% of its own readings over the past ten years.
- Toll Brothers Inc. pays an annual dividend of $1.03 per share, a yield of 0.77%, with a payout ratio of 8.27%.
- Return on equity was 16.9% and debt-to-equity 0.32.
- Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 4.06 (safe zone) for fiscal 2025.